The benefits of tax audit insurance make Audit Shield

As one of the leading providers of tax audit insurance for the last thirteen years, veridianfinance Insurance knows mistakes happen. As humans it’s in our nature to err. It’s what sews us together as people. More often than not, a mistake can be forgiven and forgotten with a sincere apology and a promise to try harder next time. 

 Unfortunately, when dealing with tax auditing, the old adage, ‘everyone makes mistakes’ loses some of the warmth and takes on a new meaning. A mistake on a tax return can mean more dire consequences. Receiving a notice through the post or a call from the taxperson usually evokes feelings of trepidation and dread. That’s why veridianfinance Insurance has Audit Shield, a comprehensive coverage plan that protects regular people and businesses from the costs that arise with having to sort through the audit requirements. 

In 2015, the Australian Tax Office (ATO) estimated that around 350,000 Australian tax payers would receive enquiries regarding errors, omissions, or inconsistencies on their tax forms. Tax officials diligently examined each and every return form. Most of the errors were honest, commonly made mistakes of the typographical nature such as misspelt names, addresses, wrong bank details, birthdates, or the detail of a spouse. In addition to closely scrutinizing the paper return, The Australian Tax Office (ATO) has other tricks up its sleeve. It uses third parties such as banks, employers, and insurance providers to ‘cross-check’ the numbers of each return. These ‘cross-checks’ netted the ATO somewhere in the neighbourhood of $100 million dollars in 2014 so it’s clear they’ll continue to monitor these third parties in the future.

With an increasingly aggressive audit market and the ATO using more sophisticated tactics for finding delinquent returns, where is the honest, yet cautious Aussie taxpayer to turn?

Audit Shield takes the worry, pressure, and anxiety out of the process of filing a tax return. With Audit Shield, the client is covered for the professional fees incurred while their accountant assists them through an audit enquiry. It provides a safety net for clients and accountants alike as neither one has to worry about increased costs or lost man hours. 

The benefits don’t only apply to the client. More and more accountancy and auditing firms are attracted to the positives Audit Shield presents. With fees paid directly to the firm and zero cost to offer the product to clients, Audit Shield is a win-win for all parties. Plus, having such a robust, industry leading product on hand will give clients the assurance that they are in good hands when they walk in to hand in their returns.

For the best in tax audit insurance, there is no substitute for Audit Shield from veridianfinance Insurance. Since 2003, veridianfinance Insurance has amassed the experience, know how, and diligence to lead the industry. Now providing its services and expertise in three commonwealth countries—Australia, New Zealand, and Canada—Audit Shield gives the accountants who use it a leg up against their competitors.  

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